Treasury note

91282CPE5 · 3.5% due October 31, 2027

Original term
2-Year
Maturity
Oct 31, 2027
Coupon
3.500%
Pays
Semi-Annual
Dated
Oct 31, 2025
First coupon
Apr 30, 2026
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$70.66bn
Held stripped
$9.6m
Share stripped
0.01%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, October 20, 2026

Yield to maturity
4.633%
Modified duration
0.979 yr
DV01
0.0098
Convexity
0.0146
Dirty price
100.530

Where its rate sensitivity sits

0.01
0.97
0.03
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 3 of twelve buckets, summing to 1.001 years against a modified duration of 0.979.

Against the fitted curve

Priced 4.0 bp cheap to the curve on that day, 3.92 cents per 100 of face.

That is 1.96 standard deviations from its own typical residual.

Yield to maturity, 242 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Oct 31, 2025Oct 20, 2026Oct 31, 2025Yield to maturity3.598%Nov 4, 2025Yield to maturity3.582%Nov 6, 2025Yield to maturity3.566%Nov 10, 2025Yield to maturity3.582%Nov 13, 2025Yield to maturity3.583%Nov 17, 2025Yield to maturity3.600%Nov 19, 2025Yield to maturity3.583%Nov 21, 2025Yield to maturity3.516%Nov 25, 2025Yield to maturity3.482%Nov 28, 2025Yield to maturity3.516%Dec 2, 2025Yield to maturity3.533%Dec 4, 2025Yield to maturity3.550%Dec 8, 2025Yield to maturity3.602%Dec 10, 2025Yield to maturity3.550%Dec 12, 2025Yield to maturity3.533%Dec 16, 2025Yield to maturity3.481%Dec 18, 2025Yield to maturity3.463%Dec 22, 2025Yield to maturity3.516%Dec 24, 2025Yield to maturity3.533%Dec 29, 2025Yield to maturity3.463%Dec 31, 2025Yield to maturity3.480%Jan 5, 2026Yield to maturity3.462%Jan 7, 2026Yield to maturity3.480%Jan 9, 2026Yield to maturity3.534%Jan 13, 2026Yield to maturity3.534%Jan 15, 2026Yield to maturity3.571%Jan 20, 2026Yield to maturity3.608%Jan 22, 2026Yield to maturity3.608%Jan 26, 2026Yield to maturity3.590%Jan 28, 2026Yield to maturity3.591%Jan 30, 2026Yield to maturity3.535%Feb 3, 2026Yield to maturity3.573%Feb 5, 2026Yield to maturity3.479%Feb 9, 2026Yield to maturity3.498%Feb 11, 2026Yield to maturity3.517%Feb 13, 2026Yield to maturity3.421%Feb 18, 2026Yield to maturity3.479%Feb 20, 2026Yield to maturity3.498%Feb 24, 2026Yield to maturity3.479%Feb 26, 2026Yield to maturity3.478%Mar 2, 2026Yield to maturity3.517%Mar 4, 2026Yield to maturity3.576%Mar 6, 2026Yield to maturity3.597%Mar 10, 2026Yield to maturity3.617%Mar 12, 2026Yield to maturity3.777%Mar 16, 2026Yield to maturity3.719%Mar 18, 2026Yield to maturity3.780%Mar 20, 2026Yield to maturity3.944%Mar 24, 2026Yield to maturity3.966%Mar 26, 2026Yield to maturity4.030%Mar 30, 2026Yield to maturity3.868%Apr 1, 2026Yield to maturity3.849%Apr 3, 2026Yield to maturity3.872%Apr 7, 2026Yield to maturity3.853%Apr 9, 2026Yield to maturity3.812%Apr 13, 2026Yield to maturity3.815%Apr 15, 2026Yield to maturity3.795%Apr 17, 2026Yield to maturity3.733%Apr 21, 2026Yield to maturity3.798%Apr 23, 2026Yield to maturity3.842%Apr 27, 2026Yield to maturity3.802%Apr 29, 2026Yield to maturity3.911%May 1, 2026Yield to maturity3.870%May 5, 2026Yield to maturity3.937%May 7, 2026Yield to maturity3.917%May 11, 2026Yield to maturity3.920%May 13, 2026Yield to maturity3.943%May 15, 2026Yield to maturity4.036%May 19, 2026Yield to maturity4.061%May 21, 2026Yield to maturity4.040%May 26, 2026Yield to maturity3.999%May 28, 2026Yield to maturity3.978%Jun 1, 2026Yield to maturity4.004%Jun 3, 2026Yield to maturity4.053%Jun 5, 2026Yield to maturity4.127%Jun 9, 2026Yield to maturity4.082%Jun 11, 2026Yield to maturity4.037%Jun 15, 2026Yield to maturity4.041%Jun 17, 2026Yield to maturity4.186%Jun 22, 2026Yield to maturity4.217%Jun 24, 2026Yield to maturity4.147%Jun 26, 2026Yield to maturity4.103%Jun 30, 2026Yield to maturity4.155%Jul 2, 2026Yield to maturity4.137%Jul 7, 2026Yield to maturity4.189%Jul 9, 2026Yield to maturity4.142%Jul 13, 2026Yield to maturity4.247%Jul 15, 2026Yield to maturity4.099%Jul 17, 2026Yield to maturity4.155%Jul 21, 2026Yield to maturity4.234%Jul 23, 2026Yield to maturity4.314%Jul 27, 2026Yield to maturity4.295%Jul 29, 2026Yield to maturity4.195%Jul 31, 2026Yield to maturity4.227%Aug 4, 2026Yield to maturity4.151%Aug 6, 2026Yield to maturity4.207%Aug 10, 2026Yield to maturity4.186%Aug 12, 2026Yield to maturity4.136%Aug 14, 2026Yield to maturity4.114%Aug 18, 2026Yield to maturity4.117%Aug 20, 2026Yield to maturity4.120%Aug 24, 2026Yield to maturity4.181%Aug 26, 2026Yield to maturity4.156%Aug 28, 2026Yield to maturity4.274%Sep 1, 2026Yield to maturity4.305%Sep 3, 2026Yield to maturity4.225%Sep 8, 2026Yield to maturity4.290%Sep 10, 2026Yield to maturity4.409%Sep 14, 2026Yield to maturity4.476%Sep 16, 2026Yield to maturity4.568%Sep 18, 2026Yield to maturity4.578%Sep 22, 2026Yield to maturity4.584%Sep 24, 2026Yield to maturity4.678%Sep 28, 2026Yield to maturity4.720%Sep 30, 2026Yield to maturity4.666%Oct 2, 2026Yield to maturity4.617%Oct 6, 2026Yield to maturity4.561%Oct 8, 2026Yield to maturity4.567%Oct 13, 2026Yield to maturity4.612%Oct 15, 2026Yield to maturity4.587%Oct 19, 2026Yield to maturity4.598%Oct 20, 2026Yield to maturity4.633%

Price history

242 trading days to Oct 20, 2026

98.5098.7599.0099.2599.5099.75100.00100.25Oct 31, 2025Oct 20, 2026Oct 31, 2025Close99.813Nov 4, 2025Close99.844Nov 6, 2025Close99.875Nov 10, 2025Close99.844Nov 13, 2025Close99.844Nov 17, 2025Close99.813Nov 19, 2025Close99.844Nov 21, 2025Close99.969Nov 25, 2025Close100.031Nov 28, 2025Close99.969Dec 2, 2025Close99.938Dec 4, 2025Close99.906Dec 8, 2025Close99.813Dec 10, 2025Close99.906Dec 12, 2025Close99.938Dec 16, 2025Close100.031Dec 18, 2025Close100.063Dec 22, 2025Close99.969Dec 24, 2025Close99.938Dec 29, 2025Close100.063Dec 31, 2025Close100.031Jan 5, 2026Close100.063Jan 7, 2026Close100.031Jan 9, 2026Close99.938Jan 13, 2026Close99.938Jan 15, 2026Close99.875Jan 20, 2026Close99.813Jan 22, 2026Close99.813Jan 26, 2026Close99.844Jan 28, 2026Close99.844Jan 30, 2026Close99.938Feb 3, 2026Close99.875Feb 5, 2026Close100.031Feb 9, 2026Close100.000Feb 11, 2026Close99.969Feb 13, 2026Close100.125Feb 18, 2026Close100.031Feb 20, 2026Close100.000Feb 24, 2026Close100.031Feb 26, 2026Close100.031Mar 2, 2026Close99.969Mar 4, 2026Close99.875Mar 6, 2026Close99.844Mar 10, 2026Close99.813Mar 12, 2026Close99.563Mar 16, 2026Close99.656Mar 18, 2026Close99.563Mar 20, 2026Close99.313Mar 24, 2026Close99.281Mar 26, 2026Close99.188Mar 30, 2026Close99.438Apr 1, 2026Close99.469Apr 3, 2026Close99.438Apr 7, 2026Close99.469Apr 9, 2026Close99.531Apr 13, 2026Close99.531Apr 15, 2026Close99.563Apr 17, 2026Close99.656Apr 21, 2026Close99.563Apr 23, 2026Close99.500Apr 27, 2026Close99.563Apr 29, 2026Close99.406May 1, 2026Close99.469May 5, 2026Close99.375May 7, 2026Close99.406May 11, 2026Close99.406May 13, 2026Close99.375May 15, 2026Close99.250May 19, 2026Close99.219May 21, 2026Close99.250May 26, 2026Close99.313May 28, 2026Close99.344Jun 1, 2026Close99.313Jun 3, 2026Close99.250Jun 5, 2026Close99.156Jun 9, 2026Close99.219Jun 11, 2026Close99.281Jun 15, 2026Close99.281Jun 17, 2026Close99.094Jun 22, 2026Close99.063Jun 24, 2026Close99.156Jun 26, 2026Close99.219Jun 30, 2026Close99.156Jul 2, 2026Close99.188Jul 7, 2026Close99.125Jul 9, 2026Close99.188Jul 13, 2026Close99.063Jul 15, 2026Close99.250Jul 17, 2026Close99.188Jul 21, 2026Close99.094Jul 23, 2026Close99.000Jul 27, 2026Close99.031Jul 29, 2026Close99.156Jul 31, 2026Close99.125Aug 4, 2026Close99.219Aug 6, 2026Close99.156Aug 10, 2026Close99.188Aug 12, 2026Close99.250Aug 14, 2026Close99.281Aug 18, 2026Close99.281Aug 20, 2026Close99.281Aug 24, 2026Close99.219Aug 26, 2026Close99.250Aug 28, 2026Close99.125Sep 1, 2026Close99.094Sep 3, 2026Close99.188Sep 8, 2026Close99.125Sep 10, 2026Close99.000Sep 14, 2026Close98.938Sep 16, 2026Close98.844Sep 18, 2026Close98.844Sep 22, 2026Close98.844Sep 24, 2026Close98.750Sep 28, 2026Close98.719Sep 30, 2026Close98.781Oct 2, 2026Close98.844Oct 6, 2026Close98.906Oct 8, 2026Close98.906Oct 13, 2026Close98.875Oct 15, 2026Close98.906Oct 19, 2026Close98.906Oct 20, 2026Close98.875
The most recent 20 trading days of prices for 91282CPE5.
DateBidOfferClose
Oct 20, 202698.92298.90698.875
Oct 19, 202698.92298.90698.906
Oct 16, 202698.95398.93898.938
Oct 15, 202698.89198.87598.906
Oct 14, 202698.82898.81398.844
Oct 13, 202698.89198.87598.875
Oct 9, 202698.89198.87598.906
Oct 8, 202698.89198.87598.906
Oct 7, 202698.92298.90698.906
Oct 6, 202698.92298.90698.906
Oct 5, 202698.87598.87598.875
Oct 2, 202698.89198.87598.844
Oct 1, 202698.87598.84498.875
Sep 30, 202698.79798.78198.781
Sep 29, 202698.73498.71998.750
Sep 28, 202698.73498.71998.719
Sep 25, 202698.76698.75098.781
Sep 24, 202698.76698.75098.750
Sep 23, 202698.78198.78198.750
Sep 22, 202698.85998.84498.844

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

Auction

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 91282CPE5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 27, 2025Oct 31, 2025New issue$69.0bn$73.0bn2.59x3.504%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.